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Led by policy and supply expectations, at the end of April this year, the domestic bond bull market showed a "sudden brake", the net value of public bond funds generally suffered a correction, and a number of debt-based products also encountered holders.InitialdthearcadeA large redemption.

China Securities News reporter interviewed public investors to understand that this round of debt base "redemption tide" mainly comes from individual investors, institutional redemptions are relatively few. At the same time, some institutional funds represented by insurance, asset management and financial management are applying for the purchase of bond products out of allocation considerations, but the overall attitude of institutions towards the bond market is cautious.

At present, the bond yield curve is steeper, and the medium-and short-end yields are low. Public offering institutions suggest that dumbbell strategy can be used, the short end still has a certain coupon value when the pressure on the issuance of certificates of deposit has not been substantially alleviated, and long-term positions can choose long-term assets with good liquidity to ensure the liquidity of the account and be aggressive.

Callback and redemption are performed one after another.

Since April 23, there has been a shock adjustment in the bond market. Wind data show that the yield on the 10-year Treasury note has gone from a low of 2.Initialdthearcade.23% rebounded as high as 2.Initialdthearcade.35%.

In this wave of bond market adjustment, the net value of public bond funds generally showed a pullback. From April 24 to April 30, Boshi Shanghai 30-year bond ETF, Pengyang bond-30-year bond ETF fell more than 2%InitialdthearcadeHuatai Baoxing Anyue Bond A, Huiquan Anyang Pure Bond C, Changxin interest rate Bond C, Green Hongxu interest rate Bond, Cathay Pacific Huifeng Pure Bond A, Huaxia Dingfu Bond An and other medium-and long-term pure debt funds also fell more than 100 basis points.

In addition, short-term pure debt funds such as Hony far medium and short debt C, Huitianfu medium and short debt E, Tongtai medium and short debt E, Citic Prudential to Thailand short debt C, and Dachengjing excellent medium and short debt C also showed major adjustments, all of which fell by more than 30 basis points. Wu Yin, manager of the Hony far medium and short debt fund, apologized in an article to the holders and said that he would straighten out the pace as soon as possible, and that the debt base could gradually recover the lost ground through continuous coupon accumulation.

At the same time, Societe Generale Jiahong one-year fixed bond launch, Citic Prudential Jingfeng, Yongwin Zhongli Bond C, Caitong Capital Management Ruixing Bond, China Canada enjoy Pure debt Bond C and other medium-and long-term pure debt funds, as well as a number of debt bases, such as Penghua Industrial Bond C, second-tier debt base, Parker Bonds, and so on, have been redeemed in large amounts recently. In order to ensure that the interests of fund holders will not be adversely affected by the retention accuracy of the decimal point of share net value, the fund manager announced that the above-mentioned fund net value accuracy will be increased to eight decimal places.

From April 24 to April 30, the net value of Yongsheng Zhongli Bond C Fund fell by more than 44 basis points. Caitong Capital Management Ruixing Bond A, China Canada enjoy Pure Bond C, and Penghua Industrial Bond C all fell by more than 20 basis points. According to the 2023 annual report, by the end of 2023, Caitong Capital Management Ruixing Bond and Penghua Industrial Bond C are mainly held by institutional investors, while China Canada enjoy pure bond C is mainly held by individual investors.

The overall allocation of the bond market is cautious.

Affected by the "sudden braking" of this round of bond bull market, a reporter from the China Securities News interviewed people from the market departments of a number of public equity institutions and learned that the redemptions of bond funds mainly come from individual investors; because there are certain expectations on the institutional side, more people are considering timing investments. And, out of configuration considerations, insurance, asset management, financial management and other institutional funds are targeted to apply for the allocation of bond products.

A person from the market department of a medium-sized public offering institution in Shanghai told reporters that some bond funds do have some redemption phenomena, but redemptions may be mainly concentrated in individual investors. Another public market official said that relatively speaking, there are more redemptions by individual investors, and institutional redemptions mainly come from bank self-management and financial management.

"according to our observation, the overall allocation of the institutional side in terms of debt base has not changed much, perhaps because institutional investors have certain expectations for bond market adjustment. During the current round of interest rate cuts, the institutional side may make timing investments. " A person from the marketing department revealed.

The reporter found that in the current window of the bond market pullback, bond products have poured into a certain amount of bottom-copying funds, more based on the allocation of insurance institutions. In addition, part of the funds from asset management and financial management are also targeted to purchase and configure bond products, and the incremental funds are stable as a whole.

A number of public offerings said that the overall attitude of institutions towards the bond market is still cautious. Since last year, the bond market has continued to walk bulls, and now it has reached a relatively high level, and some institutions have stopped making profits. There are also some institutions in the allocation of assets to make structural strategic adjustments, there is a trend of reducing leverage and duration.

Use the dumbbell strategy

Wang Yuchao, fund manager of the fixed income investment department of Yongsheng Fund, judged that the market is more of a game at the expected level, and under the background that the fundamentals have not actually turned, bond assets are dominated by callback buying and collecting chips strategy.

As for the long-end yield, Societe Generale funds suggest that the progress of government debt supply from January to April this year is slow, and the allocation plate represented by small and medium-sized commercial banks is in a state of continuous underallocation. With the gradual encashment of supply in May, the long-end and ultra-long-end volatility of interest rate debt may increase, and it is necessary to appropriately reduce the duration to seek safety.

For medium-and short-end assets, benefiting from the loose tone of the overall monetary environment, Debon Fund believes that duration risk is relatively controllable and that it is always an asset class with high allocation value in terms of its "currency +" change substitution attribute.

At present, the overall bond yield curve is relatively steep, and the short-end yield is relatively low. Wang Yuchao suggests that the dumbbell strategy can be used, and the short-end still has a certain coupon value when the pressure on the issuance of certificates of deposit has not been substantially alleviated; at the same time, long-term positions can choose long-term assets with good liquidity to ensure the liquidity of the account and be aggressive.